Hashed Has Confirmed Losing More Than 3 Billion USD In LUNA Collapse

The Korean investment fund Hashed discloses that the LUNA-UST fall cost it more over $3 billion in damages.

Simon Seojoon Kim, the CEO of Hashed, stated that in the early stages of the project, Hashed purchased 30 million LUNA tokens in an interview with Bloomberg on August 3, 2022. When the price of LUNA reached its pinnacle in early April of this year, that token had a value of $3.6 billion.

The magnitude of the damage caused by the LUNA-UST disaster has just been formally confirmed by Hashed for the first time. After examining on-chain data in May, On-chain data estimates that Hashed had invested close to 50 million LUNA tokens, incurring a loss of more than $3.5 billion.

Hashed is not the name that is most impacted

The narrative of Three Arrows Capital (3AC), a well-known hedge fund that progressively fell into a liquidity problem before defaulting, will live on in the minds of crypto enthusiasts forever.

Despite the substantial loss, Hashed remained confident in the bitcoin sector. The company intends to raise a third capital in the first half of 2023, CEO Kim disclosed. But it’s unclear how much money the fund will actually bring in.

Kim claims that the business will concentrate on investing in blockchain gaming firms if and when it is able to raise additional funding.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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